Removing speed governor

I have a 2007 Chevrolet Silverado 1500 with the 5.3 engine. It appeared to loose power about 92 MPH, but I soon found out there was a factory installed, computer speed governor. I hear that this can be removed by a code change in the computer and that is accomplished by what? Do I need to buy one of the computer diagnosis devices? If so, which one is best, for this task?

Just about any of the off-the-shelf handheld units will be able to remove or increase the speed limiter. Such as Hypertech, Flashpaq, Edge, etc. If you'd also like to see an increase in performance, you might want to look into a custom tune. They're typically about the same price (or cheaper) and offer much better improvements than the handhelds.

A fellow HHR owner found to get around the 108 mph limit, you shift the auto into "I" gear and stomp it. He has had his at 118 and was able to do more but was smart and slowed down.. He said it would of done over 120.